Waaree's order book reached approximately ₹61,500 crore

1. Record ₹61,500 crore order book Waaree's order book reached approximately ₹61,500 crore, equivalent to about 25.2 GW of module orders. Around ₹16,000 crore of new orders were added during the quarter. This provides strong medium-term revenue visibility. 2. Capacity expansion — major long-term catalyst Management plans to end FY27 with approximately 28 GW module capacity and 15.4 GW solar-cell capacity, while also building inverter and transformer capacity. Another 10 GW of Indian solar-cell capacity is expected to be added over the next six months. 3. Backward integration The company is integrating solar cells with module manufacturing. This is important because greater backward integration can improve cost competitiveness and margins once the new capacity is fully operational. 4. Retail business scaling rapidly Retail revenue more than doubled YoY to about ₹2,289 crore in Q1 and represented slightly above 30% of overall revenue. Management expects FY27 retail solar revenue of around ₹10,000 crore. 5. BESS opportunity Waaree has started manufacturing Battery Energy Storage System (BESS) containers, expanding beyond solar modules into the broader renewable-energy storage ecosystem. 🔴 Key risks Margin pressure is the biggest near-term concern. Despite 79% revenue growth, EBITDA increased only 44%, causing margin to fall from 22.53% to 18.15%. High commodity costs and geopolitical disruptions have affected profitability. Other risks include: Very large capex/capacity-expansion requirements Solar module price competition Commodity and polysilicon/input-cost volatility US trade/tariff policies Execution risk on new manufacturing facilities Working-capital requirements High expectations/valuation after the stock's strong rerating